Design Therapeutics (NASDAQ:DSGN) Sets New 1-Year High – Still a Buy?

Design Therapeutics, Inc. (NASDAQ:DSGN)’s share price reached a new 52-week high on Thursday . The stock traded as high as $10.39 and last traded at $10.2970, with a volume of 287617 shares changing hands. The stock had previously closed at $9.55.

Analyst Ratings Changes

A number of brokerages have issued reports on DSGN. Oppenheimer initiated coverage on shares of Design Therapeutics in a research report on Wednesday, January 7th. They set an “outperform” rating and a $18.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Design Therapeutics in a research report on Wednesday, October 8th. Craig Hallum initiated coverage on Design Therapeutics in a research note on Wednesday, December 3rd. They set a “buy” rating and a $15.00 price objective on the stock. Wall Street Zen cut Design Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, January 17th. Finally, Royal Bank Of Canada upgraded shares of Design Therapeutics from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $6.00 to $13.00 in a report on Thursday, November 20th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

Design Therapeutics Price Performance

The stock has a 50-day simple moving average of $9.15 and a 200-day simple moving average of $6.82. The stock has a market cap of $614.64 million, a PE ratio of -9.03 and a beta of 1.63.

Design Therapeutics (NASDAQ:DSGN) last issued its earnings results on Wednesday, November 5th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.04. As a group, equities research analysts anticipate that Design Therapeutics, Inc. will post -0.91 EPS for the current year.

Hedge Funds Weigh In On Design Therapeutics

A number of hedge funds have recently made changes to their positions in the business. Los Angeles Capital Management LLC acquired a new position in shares of Design Therapeutics during the 2nd quarter valued at $43,000. Invesco Ltd. boosted its holdings in Design Therapeutics by 26.8% in the 2nd quarter. Invesco Ltd. now owns 14,364 shares of the company’s stock worth $48,000 after acquiring an additional 3,033 shares during the period. Russell Investments Group Ltd. grew its holdings in Design Therapeutics by 69.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,377 shares of the company’s stock valued at $48,000 after purchasing an additional 2,618 shares in the last quarter. Velan Capital Investment Management LP lifted its holdings in Design Therapeutics by 42.9% in the 2nd quarter. Velan Capital Investment Management LP now owns 20,000 shares of the company’s stock worth $67,000 after buying an additional 6,000 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in Design Therapeutics in the 1st quarter valued at about $70,000. Hedge funds and other institutional investors own 56.64% of the company’s stock.

About Design Therapeutics

Design Therapeutics, Inc a biopharmaceutical company, researches, designs, develops, and commercializes small molecule therapeutic drugs for the treatment of genetic diseases in the United States. The company utilizes its GeneTAC platform to design and develop therapeutic candidates for inherited diseases caused by nucleotide repeat expansion. Its lead product candidates for potentially disease-modifying treatment comprises Friedreich Ataxia, a monogenic, autosomal recessive, progressive multi-system disease that affects organ systems dependent on mitochondrial function that brings to neurological, cardiac, and metabolic dysfunction; Myotonic Dystrophy Type-1, a dominantly-inherited, monogenic progressive neuromuscular disease affecting skeletal muscle, heart, brain, and other organs; Fuchs Endothelial Corneal Dystrophy, a genetic eye disease characterized by bilateral degeneration of corneal endothelial cells and progressive loss of vision; and Huntington's Disease, a dominantly inherited, monogenic neurodegenerative disease characterized by movement, cognitive, and psychiatric disorders.